3M (NYSE:MMM) Shares Sold by Howland Capital Management LLC

Howland Capital Management LLC trimmed its holdings in 3M (NYSE:MMM) by 16.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,854 shares of the conglomerate’s stock after selling 1,118 shares during the quarter. Howland Capital Management LLC’s holdings in 3M were worth $756,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quotient Wealth Partners LLC increased its position in 3M by 7.5% during the fourth quarter. Quotient Wealth Partners LLC now owns 3,737 shares of the conglomerate’s stock worth $482,000 after purchasing an additional 262 shares during the last quarter. Richard C. Young & CO. LTD. acquired a new stake in 3M during the fourth quarter worth about $426,000. Empowered Funds LLC increased its position in 3M by 4.9% during the fourth quarter. Empowered Funds LLC now owns 55,389 shares of the conglomerate’s stock worth $7,150,000 after purchasing an additional 2,599 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in 3M by 2.5% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 80,959 shares of the conglomerate’s stock worth $10,451,000 after purchasing an additional 1,981 shares during the last quarter. Finally, D Orazio & Associates Inc. increased its position in 3M by 4.8% during the fourth quarter. D Orazio & Associates Inc. now owns 2,323 shares of the conglomerate’s stock worth $300,000 after purchasing an additional 106 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. The trade was a 34.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,639 shares of company stock worth $17,163,446. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MMM shares. JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Wednesday, January 22nd. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Mizuho lifted their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Down 1.6 %

MMM stock opened at $149.90 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a twelve month low of $75.40 and a twelve month high of $155.00. The company’s 50 day moving average is $137.11 and its two-hundred day moving average is $132.52. The stock has a market cap of $81.38 billion, a P/E ratio of 19.85, a PEG ratio of 3.37 and a beta of 0.96.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s quarterly revenue was down 25.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.42 EPS. Research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Friday, February 14th. 3M’s payout ratio is presently 37.09%.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.